Rice Warner chief supports commissions capBY ALEX BURKE | THURSDAY, 2 APR 2015 12:25PMRice Warner chief executive Michael Rice said the commission structure proposed in the Trowbridge Report is a "necessary improvement". Related News |
Editor's Choice
Former Income AM director launches fixed income advisory
A former Income Asset Management executive director has launched Ancora Fixed Income Advisory for high-net-worth clients targeting the defensive asset class.
TAL names super fund partnership lead
TAL has named a new partnership leader who will focus on its collaboration with a super fund, replacing Mel Jose, who left in August to join Netwealth after a two-year stint.
Capital Group expands into Middle East
Capital Group said the Middle East is a strategically important region for the business and its clients.
UniSuper says Firmus float was 'priced to perfection'
UniSuper chief investment officer John Pearce said the $175 billion super fund decided to not take part in the Firmus float, describing the neo-cloud company as "priced to perfection", before the initial public offering (IPO) was abandoned today.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Cliff Man
CHIEF EXECUTIVE OFFICER
ETF SHARES MANAGEMENT LTD
ETF SHARES MANAGEMENT LTD
ETF Shares chief executive Cliff Man spent his career automating, building and challenging established systems. Now, he is betting that Australia's ETF market has room for something different. Vinny Vucago writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Mr Rice's comments seem all very nice, knowledgeable and business-like. However, it's probably 200% correct to state that this same gentlemen has never sold life-risk insurance in his life and has absolutely no idea about the costs to put it in place for clients.
So while it might look good, it doesn't address down-home practicalities. How will newer advisers provide a living for themselves and their families until they have a substantial client base on the abysmal commission structure etc that the Trowbridge Report recommends? Will super fund members be provided with realistic advice about their insurance needs? Will group life insurance deliver sufficient, in terms of levels and quality of coverage, to prevent greater pressure on our welfare system than it currently has difficulty in managing now?
The Trowbridge Report, while recommending some worthwhile points, is fundamentally flawed because prospective clients don't line up to buy life-risk insurance - it was, still is, and seemingly will always need to be sold.